Weekly Research Analysts’ Ratings Changes for State Street (STT)

Several brokerages have updated their recommendations and price targets on shares of State Street (NYSE: STT) in the last few weeks:

  • 7/19/2021 – State Street had its price target raised by analysts at Credit Suisse Group AG from $90.00 to $92.00. They now have a “neutral” rating on the stock.
  • 7/19/2021 – State Street had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $104.00 to $105.00. They now have a “buy” rating on the stock.
  • 7/9/2021 – State Street was upgraded by analysts at UBS Group AG from a “neutral” rating to a “buy” rating. They now have a $95.00 price target on the stock, up previously from $83.00.
  • 7/8/2021 – State Street was upgraded by analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating.
  • 7/2/2021 – State Street had its “buy” rating reaffirmed by analysts at Evercore ISI. They now have a $90.00 price target on the stock.
  • 6/23/2021 – State Street had its price target raised by analysts at Credit Suisse Group AG from $86.00 to $90.00. They now have a “neutral” rating on the stock.
  • 6/17/2021 – State Street had its price target raised by analysts at Keefe, Bruyette & Woods from $94.00 to $103.00. They now have an “outperform” rating on the stock.

NYSE STT opened at $85.13 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.54 and a quick ratio of 0.55. The firm has a market capitalization of $29.61 billion, a PE ratio of 13.56, a PEG ratio of 1.40 and a beta of 1.56. The company has a 50 day simple moving average of $84.17. State Street Co. has a 12-month low of $56.63 and a 12-month high of $89.28.

State Street (NYSE:STT) last posted its earnings results on Thursday, July 15th. The asset manager reported $1.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.18. State Street had a net margin of 20.21% and a return on equity of 10.67%. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same period in the previous year, the company earned $1.86 earnings per share. The company’s revenue was up 3.3% compared to the same quarter last year. On average, analysts expect that State Street Co. will post 7.4 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 12th. Stockholders of record on Friday, October 1st will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.68%. This is a boost from State Street’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Thursday, September 30th. State Street’s payout ratio is presently 31.04%.

In other State Street news, EVP David C. Phelan sold 50,000 shares of the business’s stock in a transaction on Thursday, May 20th. The shares were sold at an average price of $84.30, for a total value of $4,215,000.00. Following the sale, the executive vice president now owns 61,553 shares of the company’s stock, valued at approximately $5,188,917.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Ian Appleyard sold 3,800 shares of the business’s stock in a transaction on Thursday, May 20th. The shares were sold at an average price of $84.59, for a total transaction of $321,442.00. Following the completion of the sale, the chief accounting officer now directly owns 16,458 shares in the company, valued at approximately $1,392,182.22. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in STT. JPMorgan Chase & Co. boosted its stake in shares of State Street by 108.0% in the 1st quarter. JPMorgan Chase & Co. now owns 9,426,380 shares of the asset manager’s stock valued at $791,909,000 after purchasing an additional 4,895,354 shares in the last quarter. Norges Bank acquired a new position in State Street during the 4th quarter worth about $273,200,000. Goldman Sachs Group Inc. lifted its position in State Street by 321.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,577,596 shares of the asset manager’s stock worth $300,554,000 after buying an additional 2,728,816 shares in the last quarter. Ameriprise Financial Inc. lifted its position in State Street by 33.9% during the 1st quarter. Ameriprise Financial Inc. now owns 6,218,181 shares of the asset manager’s stock worth $522,418,000 after buying an additional 1,575,482 shares in the last quarter. Finally, BlackRock Inc. lifted its position in State Street by 5.0% during the 1st quarter. BlackRock Inc. now owns 25,940,519 shares of the asset manager’s stock worth $2,179,264,000 after buying an additional 1,237,925 shares in the last quarter. 90.38% of the stock is currently owned by hedge funds and other institutional investors.

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product accounting; daily pricing and administration; master trust and master custody; depotbank; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Read More: Balanced Fund

Receive News & Ratings for State Street Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Co and related companies with MarketBeat.com's FREE daily email newsletter.